Hypo real estate taps Germany’s rescue fund

From WSJ: German property financier Hypo Real Estate Holding AG said early Wednesday it has applied for a guarantee by the German government’s €500 billion ($635 billion) rescue fund to back up short-term liquidity needs, as a €50 billion bailout plan agreed in October is being finalized.

The guarantee, which the company requests for a €15 billion liquidity line provided by the German central bank, or Deutsche Bundesbank, aims to cover short-term liquidity requirements before the agreed €50 billion rescue package involving bank loans and a state guarantee becomes “fully available by mid-November,” the company said. …. Full Article: Source